The Colorado Department of Revenue has issued a number of tips regarding the filing of personal income withholding tax, including reminding taxpayers to use a Friday date. Taxpayers should start with the date employees are paid (payroll date) and determine what Friday is after the payroll date. Taxpayers have three business days from that Friday to pay their withholding tax by Electronic Funds Transfer (EFT). If the payroll date falls on a Friday, then that date is the Period End Date and must be in YYMMDD format in the department’s EFT system. The department also notes that an EFT withholding payment covers both the filing and the payment. There is no need to file a paper return.
Frequent filers examples are available at https://www.colorado.gov/pacific/sites/default/files/WithholdingTaxFrequentFilersVisualOctober2015.pdf. (Tips when Filing Withholding Tax, Colorado Department of Revenue, May 23, 2016.)
Visit our News Library to read more news stories.